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Unformatted text preview: Unit 9 Test Money Management Name:________________________ Match each term with its definition on the right. ______ 1. Utilities cost a. a loan whereby the lender has the right to sell the property if payments are not made ______ 2. Principal b. an amount paid for an insurance policy ______ 3. Real estate taxes c. charges for public services ______ 4. Premium d. fees paid at the time documents are signed transferring ownership of a home ______ 5. Closing costs e. an amount owed upon which interest charged is calculated ______ 6. Mortgage loan f. fees collected on the ownership of property used to support the operation of government. YOU MUST SHOW ME HOW YOU ARE COMPUTING YOUR MONTHLY PAYMENT. Showing all work will help with partial credit!!! 7. The Rose family is purchasing a $95,000 home with a 20% down payment and financing the balance with an 8.5% mortgage for 30 years. How much is the down payment? How much is their mortgage loan amount? How much is their monthly payment? What will the Rose family pay in total interest over the life of the loan? How much is their monthly payment?...
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This note was uploaded on 01/24/2012 for the course HUM 9999 taught by Professor Variousprofessorslisted during the Summer '06 term at Abilene Christian University.
- Summer '06